The Trump administration’s support for perpetual futures trading in the US is raising concerns across traditional Wall Street exchanges. Financial industry executives warn that the rapidly expanding products could expose investors to higher risks and weaken safeguards in the multitrillion-dollar derivatives market.
Perpetual futures, commonly known as ‘perps’, allow traders to hold positions without an expiry date. Unlike conventional futures contracts, they trade around the clock. These products are generally leveraged, with some platforms offering exposure of up to 50 times the initial investment.
The market has expanded rapidly beyond cryptocurrency trading. According to data provider CryptoQuant, global crypto perpetual futures trading volume reached USD 61.7 trillion in 2025, marking a 29% increase from the previous year.
The US Commodity Futures Trading Commission (CFTC) approved listed crypto perpetual futures in May. It also cleared single-stock equity perpetual futures last week. Platforms such as Coinbase, Robinhood and Kalshi have entered the growing market.
